South Korean prosecutors indicted on Thursday Kim Beom-su, the billionaire founder of tech giant&nbsp;Kakao&nbsp;Corp, on charges of stock market manipulation, the Yonhap news agency reported.

The&nbsp;Kakao&nbsp;founder, who is also known as Brian Kim, was arrested last month and has been detained since.

He is seen as a visionary in South Korea's digital industry for building&nbsp;Kakao's group of affiliates - worth 86 trillion won ($62 billion) by assets - from the ground up since launching the popular messaging app&nbsp;KakaoTalk.chat in 2010.

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Prosecutors say he was involved in manipulating the stock price of SM Entertainment in February last year to hinder a competitor, Hybe, from acquiring it.

Kim has denied the accusations, saying he never ordered or tolerated any illegal activity, the company said in a statement.

On Thursday, the tech giant posted an operating profit of 134 billion won ($97.24 million) in the second quarter, 18.5 per cent&nbsp;up from a year ago.

Shina Chung,&nbsp;Kakao's CEO, told the post-earnings call that the company acknowledged shareholders concerns about the "difficulties from internal and external circumstances", but would continue to provide its services seamlessly.

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She did not provide further details on the legal issue.

Former&nbsp;Kakao&nbsp;CEO Hong Eun-taek and former&nbsp;Kakao&nbsp;Entertainment CEO Kim Sung-soo have also been indicted without being detained, according to Yonhap.

Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience. 
&nbsp;

South Korean prosecutors indicted on Thursday Kim Beom-su, the billionaire founder of tech giant Kakao Corp, on charges of stock market manipulation, the Yonhap news agency reported.

South Korean prosecutors indicted on Thursday Kim Beom-su, the billionaire founder of tech giant Kakao Corp, on charges of stock market manipulation, the Yonhap news agency reported. The Kakao founder, who is also known as Brian Kim, was arrested last month and has been detained since. He is seen as a visionary in South Korea's digital industry for building Kakao's group of affiliates - worth 86 trillion won ($62 billion) by assets - from the ground up since launching the popular messaging app KakaoTalk.chat in 2010. Also read: South Korea to mandate disclosure of EV battery brands following recent fires Prosecutors say he was involved in manipulating the stock price of SM Entertainment in February last year to hinder a competitor, Hybe, from acquiring it. Kim has denied the accusations, saying he never ordered or tolerated any illegal activity, the company said in a statement. On Thursday, the tech giant posted an operating profit of 134 billion won ($97.24 million) in the second quarter, 18.5 per cent up from a year ago. Shina Chung, Kakao's CEO, told the post-earnings call that the company acknowledged shareholders concerns about the "difficulties from internal and external circumstances", but would continue to provide its services seamlessly. Also read: Trotting ahead of K-pop? South Korean crooner rivals BTS She did not provide further details on the legal issue. Former Kakao CEO Hong Eun-taek and former Kakao Entertainment CEO Kim Sung-soo have also been indicted without being detained, according to Yonhap. Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

South Korea tech tycoon indicted for 'stock manipulation'

Two South Korean billionaires have vowed to give away half of their wealth for social causes.&nbsp;

Kim Beom-su, the founder of the country's biggest messaging app KakaoTalk, said this month he will donate over half his estimated $9.6 billion assets to try solving "social issues".

Watch |&nbsp;Billion Dollar Idea | How did an accounting teacher become a property tycoon? | Niranjan Hiranandani

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/billion-dollar-idea-how-did-an-accounting-teacher-become-a-property-tycoon-niranjan-hiranandani-366033/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

After a short while, Kim Bong-jin of food-delivery app Woowa Brothers and his wife, Bomi Sul, signed Giving Pledge which asks billionaires to give away at least 50 per cent of their fortunes.&nbsp;

Kim and his wife are the first South Koreans to sign the Giving Pledge, which was an initiative of Bill and Melinda Gates and Warren Buffett.&nbsp;

The decision by both the Korean billionaires is a rarity in a country where most of the ultra-rich are descendants of the founders whose businesses flourished in the post-war era.&nbsp;

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Both the Kims were also born in working-class families, which is also in contrast as the rich in South Korea mostly inherit wealth.&nbsp;

The parents of Kim of Woowa Brothers ran a small restaurant and he gave away his dream of attending an art high school and instead got enrolled in a cheaper vocational school.&nbsp;

He said that wealth is of value if it was used for "the greatest benefit of the least advantaged members of society".

"We are certain that this pledge is the greatest inheritance that we could provide for our children," Kim and his wife said in their statement.&nbsp;

Two South Korean billionaires have vowed to give away half of their wealth for social causes. Kim Beom-su, the founder of the country's biggest messaging app KakaoTalk, said this month he will donate over half his estimated $9.

Two South Korean billionaires have vowed to give away half of their wealth for social causes. Kim Beom-su, the founder of the country's biggest messaging app KakaoTalk, said this month he will donate over half his estimated $9.6 billion assets to try solving "social issues". Watch | Billion Dollar Idea | How did an accounting teacher become a property tycoon? | Niranjan Hiranandani After a short while, Kim Bong-jin of food-delivery app Woowa Brothers and his wife, Bomi Sul, signed Giving Pledge which asks billionaires to give away at least 50 per cent of their fortunes. Kim and his wife are the first South Koreans to sign the Giving Pledge, which was an initiative of Bill and Melinda Gates and Warren Buffett. The decision by both the Korean billionaires is a rarity in a country where most of the ultra-rich are descendants of the founders whose businesses flourished in the post-war era. Also read | Bumble's 31-year-old CEO, who left Tinder over sexual harassment becomes billionaire Both the Kims were also born in working-class families, which is also in contrast as the rich in South Korea mostly inherit wealth. The parents of Kim of Woowa Brothers ran a small restaurant and he gave away his dream of attending an art high school and instead got enrolled in a cheaper vocational school. He said that wealth is of value if it was used for "the greatest benefit of the least advantaged members of society". "We are certain that this pledge is the greatest inheritance that we could provide for our children," Kim and his wife said in their statement.

'Greatest inheritance for our children': Two S. Korean billionaires vow donating half of wealth

One of South Korea's wealthiest people, the billionaire founder of the country's biggest mobile messenger operator KakaoTalk, promised Monday to give away more than half his wealth.

The decision by self-made Kim Beom-su, worth around $9.4 billion, is an unusual one for the world's 12th-largest economy, where business is dominated by sprawling family-controlled conglomerates.

"I have pledged to donate more than half of my assets throughout my life to solve social issues," Kim said in a message sent to all of Kakao's employees seen by AFP.

Kakao, founded in 2010, has a range of mobile offerings and its flagship messaging application is installed on more than 90 per cent of phones in South Korea.

Forbes described Kim the nation's "biggest gainer" during the coronavirus pandemic last year.

His firm benefited from social distancing measures that saw more use of its messaging app, e-commerce platform, and online games.

The promise to donate more than half of a billion-dollar fortune is at the core of the Giving Pledge, the philanthropic initiative set up by Bill and Melinda Gates, as well as Warren Buffett.

More 200 super-wealthy have signed the pledge, according to its website, but it has struggled to make headway in East Asia, listing only a handful of donors from China, Hong Kong and Taiwan — and none from Japan or South Korea.

Kim said he was looking to make his pledge official, adding discussions on the details of his donation were "at the early stage".

"I plan to find and help people that Kakao has difficulty approaching to solve social problems," he added.

Kakao reported 120 billion won in operating profit in the third quarter, up 103 per cent from a year earlier, and is expected to report record yearly profits for 2020.

One of South Korea's wealthiest people, the billionaire founder of the country's biggest mobile messenger operator KakaoTalk, promised Monday to give away more than half his wealth.

One of South Korea's wealthiest people, the billionaire founder of the country's biggest mobile messenger operator KakaoTalk, promised Monday to give away more than half his wealth. The decision by self-made Kim Beom-su, worth around $9.4 billion, is an unusual one for the world's 12th-largest economy, where business is dominated by sprawling family-controlled conglomerates. "I have pledged to donate more than half of my assets throughout my life to solve social issues," Kim said in a message sent to all of Kakao's employees seen by AFP. Kakao, founded in 2010, has a range of mobile offerings and its flagship messaging application is installed on more than 90 per cent of phones in South Korea. Forbes described Kim the nation's "biggest gainer" during the coronavirus pandemic last year. His firm benefited from social distancing measures that saw more use of its messaging app, e-commerce platform, and online games. The promise to donate more than half of a billion-dollar fortune is at the core of the Giving Pledge, the philanthropic initiative set up by Bill and Melinda Gates, as well as Warren Buffett. More 200 super-wealthy have signed the pledge, according to its website, but it has struggled to make headway in East Asia, listing only a handful of donors from China, Hong Kong and Taiwan — and none from Japan or South Korea. Kim said he was looking to make his pledge official, adding discussions on the details of his donation were "at the early stage". "I plan to find and help people that Kakao has difficulty approaching to solve social problems," he added. Kakao reported 120 billion won in operating profit in the third quarter, up 103 per cent from a year earlier, and is expected to report record yearly profits for 2020.

Founder of South Korea's Kakao to give away half his billions

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South Korea tech tycoon indicted for 'stock manipulation'

'Greatest inheritance for our children': Two S. Korean billionaires vow donating half of wealth

Founder of South Korea's Kakao to give away half his billions